The global car rental market was valued at $79,648 million in 2015, and is expected to reach $164,335 million by 2022, growing at a CAGR of 11.6% from 2016 to 2022. With growth in pollution level and population, car rental industry has experienced a drastic transformation over the past few years, becoming one of the most prominent industries in fleet transportation. Manufacturers and consumers rely on various car rental schemes, which are cost-effective, such as leasing cars from their owners for a period of three years and then putting these cars on rental through app-based bookings. In addition, car rentals majorly contribute to curb the pollution level by reducing the volumetric sales of owned vehicles. Moreover, with increase in air traffic and growth in trend of online car booking, car rentals are the preferred options to travel, as cars are the most economical and faster mode of transportation. These advantages promote the growth of the car rental industry at an exponential rate.

The growth of the global car rental market is majorly driven by development of the travel & tourism industry. Furthermore, rise in disposable income of people in countries such as the U.S., Germany, and Italy and enhanced road infrastructure is promoting the growth of the market. Increase in investment by global funds and players opting for aggregator-based business model further fueling the market growth. Automobile companies have developed green vehicles to control the rise in pollution level. Car rental industry contributes significantly in the reduction of the air pollution level. However, negative impact of volatile prices of gasoline and petroleum products on economic conditions restraining the market growth. The growth in trend of internet usage to customize travel trips, reservations, and bookings is expected to unfold various growth opportunities for the market.

The market segmentation is based on type of car, rental category, and geography. On the basis of type of car, the market is classified into luxury car, executive car, economical car, sports utility vehicle, and multi utility vehicle. By rental category, it is bifurcated into on airport and off airport rental. The off airport rental segment is further divided into local usage, outstation, and others. Geographically, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, South Korea, Japan, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).

The Eurozone crisis had a negative impact on the travel & tourism sector in the European countries. Challenging economic conditions and increased competition in the market have stimulated the operators to improve profitability and remain competitive. Some of the biggest deals in the car rental market were recorded in the U.S. such as the acquisition of Dollar Thrifty Automotive Group by Hertz. Several leading car rental operators from North American and Europeans market are trying to expand their business in AsiaPacific, Africa, and South & Central America by entering into joint ventures and partnerships to develop new hotels and benefit from the growing demand for car rentals.

Market Dynamics

Asia-Pacific shows the highest growth rate for car rental market

North America accounted for the largest market share in 2015 in the car rental market. Asia-Pacific is projected to exhibit the fastest growth in years to come. The emerging countries such as India and China are witnessing significant growth due to increase in the per-capita income, change in lifestyle of people, rise in middle-class population, and high standard of living.

The study provides an in-depth analysis of the global car rental market with current trends and future estimations to elucidate the imminent investment pockets.

It offers a quantitative analysis from 2014 to 2022, which is expected to enable the stakeholders to capitalize on prevailing market opportunities.

It also provides market estimation for 2014 and 2015 and Y-o-Y forecasts from 2016 to 2022, considering 2015 as base.

Car Rental Market Key Segments

By Type Of Car

Luxury Car

Executive Car

Economical Car

Sports Utility Vehicle (SUV)

Multi Utility Vehicle (MUV)

By Rental Category

On Airport

Off Airport

Local Usage

Outstation

Others

By Geography

North America

U.S.

Canada

Mexico

Europe

Germany

France

Italy

UK

Rest of Europe

Asia-Pacific

China

South Korea

Japan

India

Rest of Asia-Pacific

LAMEA

Latin America

Middle East

Africa

Market Players In Value Chain

Avis Budget Group, Inc.

Carzonrent India Pvt Ltd.

Enterprise Holdings Inc.

Europcar

The Hertz Corporation

Sixt Rent a Car

Uber Technologies Inc.

Localiza

Eco Rent a Car

Budget Rent a Car System, Inc.

German Rent a Car

Tempest Car Hire

DTG Operations, Inc.

Alamo

Table Of Contents

Shoping Basket

PRODUCT

QUANTITY

PRICE

* Pricing on the website is provided for single users licenses only. All reports will be provided in a PDF format for download. To purchase multi-user licenses, please contact us at +1-800-792-5285 or send an email to sales@alliedmarketresearch.com

3.5.1.1. Expansion and progression of worldwide travel and tourism industry
3.5.1.2. Rise in the disposable income of people in North America and Europe
3.5.1.3. Enhanced road infrastructure around the globe
3.5.1.4. Investment by global funds and players opting for aggregator based business model

Development of the travel & tourism industry, rise in disposable income of people in North America & Europe, enhanced road infrastructure, and increase in investment by global funds & players opting for aggregator-based business model are the key drivers of the market. However, negative impact of volatile prices of gasoline & petroleum products on expenditure of the car rental industry hampers the market growth. Growth in trend of Internet usage to customize travel trips and for reservations and bookings is expected to unfold various opportunities for the growth of the market.

Rise in popularity of cab aggregators such as Uber and Lyft are shifting the attention of taxi sharing manufacturers to car rental companies such as Hertz Global Holdings (Hertz) and the Avis Budget Group (Avis). According to Certify, the second largest provider of travel and expense management software in North America, Uber accounted for 43% of the U.S. road transportation transactions, dominating car rental companies for the first time in Q4 2015.

The European car rental sector has a small number of major international companies, few national companies, and smaller companies operating on a local scale. The main players in the market, taking into account franchises and fully owned outlets, are Europcar , Avis Europe, Hertz, and Sixt. These four businesses acquired two-thirds of the European market.

Aggregator based business models is on an upsurge in travel and tourism industry. Companies such as Uber, Avis Budget, and Hertz Corporation are implementing profitable car rental schemes to improve their market share globally. Also, due to hike in sales of vehicles in Asia-Pacific and rising standards of living the car rental market is expected to grow exponentially in these areas.

License Type

Online Only

Data Pack/Excel

Single User

Five User Online

Enterprise Online

LICENSE INFO

Users/Sharing

Restricted to one authorized user

Restricted to one authorized user

Restricted to one authorized user

Limited to 5 authorized users

Unlimited within company / enterprise

Printing

No Print/No Copy/No Screenshot

One Print only

One Print only

Up to Five Copies

Unlimited within company / enterprise

Delivery Formats

ADDED BENIFITS

20% Free customization (Pre-sale)

16 Analyst hour support
(Post Sale)

40 Analyst hour support
(Post Sale)

160 hours of mini-consult

Free quarterly industry update

Free report on update (within 180 days)

MULTIPLE PURCHASE

Complimentary report with 2 reports

Complimentary report with 3 reports

Subscription Model

Get More Information About this Report

Let us know more about your research need and we will customize an offer exclusively for you!